The funding was raised in two phases, revealed the RoC filing. First in February, the firm raised Rs 3.85 crore ($599,000) through a mix of equity and preferential shares from a group of investors in a round led by Kae Capital. Later in May, it raised Rs 64.58 lakh from Israeli-American entrepreneur Alex Mashinsky, who is also a founder and managing partner of Governing Dynamics Fund, a New York-based early stage venture capital firm.

The company initially provided a peer-to-peer (P2P) payment platform that enabled users to send and receive money directly from their bank account by linking the mobile number. Later, it pivoted its business model into developing payment solutions that help merchants do away with point of sale (POS) terminals.

The firm provides a plug-and-play payment platform that helps businesses transact with customers online or through mobile devices or in physical stores.

Once a merchant firm registers on the Trupay platform, it gets listed in the business directory on the app and customers can pay by just entering the merchant’s phone number. The platform also provides UPI-enabled payments and payments by scanning a QR code.

The company’s payment platform is used by merchants in sectors including e-commerce, healthcare, entertainment, hospitality, retail, ornaments and food & beverages. It aims to add around 1 lakh more merchants to the platform by the end of this financial year.

Being a Fintech startup, which already have reputed names such as Paytm, Capital Float and Walnut, Trupay is also gradually making a mark in the financial technology sector.

Trupay was founded in 2015 by Narendra Kumar, Rahul Gochhwal and Vivek Lohcheb.